MADRID, May 20 (Reuters) - Spanish retailer DIA on Monday avoided filing for insolvency after it reached an agreement with Santander on its debt restructuring, a source with knowledge of the matter said.

Santander’s Chairman Ana Botin previously said on her Twitter account that the investment fund of Russian tycoon Mikhail Fridam had agreed to work on changing the financing terms.

Santander, which holds the lion’s share of the supermarket group’s debt with banks, declined to comment.